Chancellor announces long-anticipated financial support for self-employed

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The Chancellor of the Exchequer has this afternoon announced the support package that the government has outlined for self-employed workers.

“Today I can announce the next step in the economic fight,” said Rishi Sunak at the daily coronavirus briefing.

“I’m proud of what we’ve done so far, but I know that many self-employed people are deeply concerned about what we can do for them.

“Many risk losing their livelihoods through no fault of their own. I say this, you have not been forgotten.”

The Chancellor then unveiled the new self-employed income support scheme, which will be operational by June.

  • The government will pay self-employed people a taxable grant based on their previous earnings over the last three years, worth up to 80% of earnings, and capped at £2,500 a month
  • The scheme will run for a minimum of three months
  • Open to anyone with trading profits of £50,000
  • To avoid fraud, it will only be open to people who are already self-employed and have a turn return from 2019

Mr Sunak confirmed that anyone who missed the deadline for their tax return will get an extra four weeks to submit their information.

All income support scheme payments accessed in June would be back-dated to March.

“I know many self-employed people are struggling right now. You can access business interruption loans and self-employed people can access Universal Credit in full.”

He described the government’s response to the crisis as, “One of the most significant economic interventions at any time and in any part of the world.”

More details as they emerge.

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